A speciAlist in renewAblee n e r g i e seDF energies nouvelles is celebrating10 yeArs ofgreen and sustainable growth10 yea...
EDF EN, a world leader       in the green electricity generation                        E    1,573 M                      ...
We believe in RENEWAbLE ENERgIES    and their ability to become    COMpETITIVE in the future.          For the past 10 yea...
COmbininG strenGth AnD    fLexibiLitY tO OverCOme                                                                         ...
The board of Directors’ view           of the alliance between           a major group and a SME*                         ...
IN ThE pAST    few believed that    environmentally friendly    ENERgIES    could form the basis    for a profitable8     ...
CAPitALisinG On DiversitY                           MARKETS                                                         segmen...
WIND                                                                              “The relatively resilient               ...
SOLAR                                                                             ”With effective policies                ...
INTEGRATED BUSINESS LINES     all areas of expertise under one roof                                                       ...
exPAnD hOriZOns                                                                ExPANSION                                  ...
TODAYeverybody realises     that RENEWAbLE ENERgIES     are not merely an     ALTERNATIVE but20     absolutely essential  ...
COntrOLLinG GrOWth                                                 FOCUS                                                  ...
REvIEW OF 2010     excellent performance       3 questions to David Corchia, Chief Executive Officer                      ...
10 YEARS                                                                                                 EbITDA in e   mil...
2009                                                                                                                      ...
IN ThE FUTURE     renewable energies     are set to become     COMpETITIVE30   through an innovation           31     DRIV...
shArinG sUCCess is                                SUSTAINABLE industrial partnerships     the best WAY Of mAKinG          ...
POLAT     A winning combination     for development     “     The partnership in Turkey between Polat Group and     EDF En...
enCOUrAGinG innOvAtiOn                         A NETWORK                                                    of explorers  ...
EDF R&D                                                                        2,000 R&D staff to find                    ...
We are siNcerelY graTeFUl To all The people Who parTicipaTeD     iN The iNTerVieWs pUBlisheD iN This acTiViTY reporT      ...
may 2011                                                  Corporate Communications DepartmentEDF Energies NouvellesCœur Dé...
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2010 EDF ENERGIES NOUVELLES

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The 10 years birthday annual report of EDF-Energies nouvelles is published ! I\’m proud of my design work on this job.

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2010 EDF ENERGIES NOUVELLES

  1. 1. A speciAlist in renewAblee n e r g i e seDF energies nouvelles is celebrating10 yeArs ofgreen and sustainable growth10 years as an integrateddiversified and international energy company10 yeArs oF strAtegic Developmentsand challenges to which we havedevoted all our energy
  2. 2. EDF EN, a world leader in the green electricity generation E 1,573 M CONSOLIDATED REVENUES E      455 EBITDA M E 106 M NET INcomE - group shArE 1 4,512 mW gross INsTAllED cApAcITy 3,335 mW NET INsTAllED cApAcITy IN sErVIcE or uNDEr coNsTrucTIoN 6 TWh grEEN ENErgy gENErATED IN 2010 3,000 EmployEEs WorlDWIDE2010 consolidated figures
  3. 3. We believe in RENEWAbLE ENERgIES and their ability to become COMpETITIVE in the future. For the past 10 years, we have been enjoying rapid and profitable growth. This performance has been predicated on our original strategic choices, which have paid off steadily. While renewables do not represent the only possible solution, they have established themselves2 Firstly, we opted to focus on all renewable energies, with a special emphasis on wind energy, and as energies of the future. The wind and solar energy industries have created new growth prospects 3 to join forces with an industry-leading energy group a decade ago. Secondly, we decided to embark on a global scale and vast export markets. on a diversified international expansion drive from the very outset, with an early move into the The leading energy groups and oil majors have very clearly grasped this point. The renewables North American market. Thirdly, we chose to pursue profitable growth through a selective approach. market is in the process of gaining a whole new dimension, with major players holding sway. For many years now, our firmly held beliefs have been guiding us on our way. We believe in This explains why we joined forces with the EDF group and are now forging even closer ties as renewable energies, their ability to become competitive and their tremendous growth potential. we embark on a new phase in our industrial development. Their share of the power generation market is bound to increase because they help to meet several energy challenges, such as the availability of reserves, safety, environmental protection and, ultimately, pricing. Renewable energies have been spurred on by the fact that demand for energy is set to double by 2050, while the supply of conventional energy is nearing its limits. They are supported by the pâris Mouratoglou Chairman of the Board of Directors fact that it is vital for governments to consider their energy independence and curb environmental impacts. Lastly, with energy prices forecast to increase and renewable energies maturing more rapidly, they are likely to achieve grid parity, albeit at different rates. Wind energy is already close to this point. With the other technologies, cost reductions and innovation have raised the prospect that they will become competitive in the near future.
  4. 4. COmbininG strenGth AnD fLexibiLitY tO OverCOme “bringing EDF EN and EDF together is a way of achieving ChALLenGes the best of both worlds” Message from David Corchia, Chief Executive Officer4 For the past decade, EDF Energies Nouvelles has been affiliated with EDF and thus enjoyed the backing of a 5 powerful group. Over this period, our exceptional pace of growth has been driven by the momentum of the Group EXECUTIVE COMMITTEE and its market. However, our performance has been built on a business combination that brought together the best of both worlds. David Corchia Chief Executive Officer The strength of a major group and the dynamism of a SME* Yvon André In our expansion into new markets and segments, we capitalised to the full on our momentum as an initially Chief Operating Officer independent company set up by an entrepreneur. The Group, which has stayed flexible and nimble so that it can (France) adapt to markets in various different countries, achieved very rapid expansion in international markets. It grew to Philippe Crouzat become a leading player by working with partners and building teams that are now the envy of the global industry. Chief Financial Officer Given the substantial capital requirements, its membership of a major energy group represented a major boost. The Group provided its credibility, expertise, R&D capabilities and financial strength, giving its subsidiary the means to Christophe Geffray take off. And it provided financial backing for all the major stages in its development in wind, then solar energy, Chief Operating Officer through a series of capital increases. (Industry) Laurence Juin Continued emphasis on entrepreneurial vision to rise to new challenges Deputy Chief Executive Officer A new era is beginning for renewable energies. The capital and industrial challenges are increasingly too big for (Southern Europe) medium-sized companies to overcome. The EDF group wants to provide more direct support to its subsidiary as it Olivier Paquier pursues an ambitious industrial plan. Together, we will make sure that we keep its entrepreneurial approach intact, Chief Operating Officer as this emphasis on profitable organic growth has formed the bedrock of our value and our success. We provide (Distributed Energies) a stimulating environment for our teams and our talented, committed and fully devoted partners. *Small and Medium Enterprise
  5. 5. The board of Directors’ view of the alliance between a major group and a SME* pâRIS MOURATOgLOU ELIE COhEN pIERRE RIChARD Chairman of the Board of Directors Research Director at the CNRS Former Chairman of the Board Professor at Sciences Po Member of Directors of Dexia SA Expert “The relationship we of the Prime Minister’s Economic appraiser with the Board of Directors built with a major group Analysis Board of the European Investment Bank ten years ago made our Appointed on the recommendation of Appointed on the recommendation expansion in renewable the EDF group. of the Mouratoglou group. energies possible. Without “EDF EN has established “EDF EN is a fine example EDEV SA STéphANE TORTAjADA this crucial support, we itself as the nationwide of a dynamic enterprise Represented by Olivier Petros. Director of Financing and Investments could not have invested leader and a key player that has successfully Renewable energies Director - of the EDF group so heavily.” worldwide since its IPO. pursued a profitable EDF Group “EDF EN has a genuinely Renewable energies are growth strategy in a “With its initial foray into entrepreneurial culture. on the road to becoming fast-moving industry in6 the hydro segment, EDF Combined with the cost-competitive, and there which operators need 7 already had a thirst for EDF group’s industrial jEAN ThOMAzEAU is no going back. Their to be nimble, responsive renewable energies. In experience and financial Former Advisor to the CEO development on a massive and at the same time 2000, we were one of the clout, it will be able to play of BNP Paribas scale will contribute to financially very robust.” first operators to embrace an active, pragmatic and “This combination global expansion.” new energy sources. Now innovative role in helping between a large group jEAN-LOUIS MAThIAS the time has come to lay new forms of energy to and a SME has created a YVES gIRAUD EDF Group Executive Director the foundations so that take off.” melting pot of viewpoints the renewable energies Generation Economics & Strategy in charge of coordinating activities Director - EDF’s Generation Division. and cultures. It has ShAREhOLDINg STRUCTURE in France, as well as the IT, gas and of the future can achieve enriched both of them. at April 7th, 2011 renewable energies activities success in production.” “The renewable energies developed by EDF EN, It has also made for “EDF EN represents a active governance and Mouratoglou Group which do not emit CO2 combination of the skills a stimulating working and have bright SIIF EDF Group and strengths of expansion prospects, Société Internationale environment.” Public 24.9% 25.1% a fast-growing SME with d’Investissements Financiers are naturally part of our those of a major energy represented by generation strategy. group. We intend to Catherine Mouratoglou On 8 April 2011, EDF announced that it is launching a public Their place in our energy strengthen this win-win “I have seen the company cash or stock offer for the 50% of EDF Energies Nouvelles’ mix is assured.” partnership even further grow from a family- capital that the Group does not already own. The indicative through the increase in owned business to a timetable states that the offer will open by 26 May 2011 at EDF’s ownership of SME operating on an the latest and close on 15 June 2011. The Mouratoglou group the Company’s capital.” international scale. Its has undertaken to tender all of its shares to the offer-half to the cash offer and half to the stock offer. development has been very impressive.” 50% 4 Directors appointed on the recommendation of the EDF group 3 Directors appointed on the recommendation of the Mouratoglou group. 2 independant Directors *Small and Medium Enterprise
  6. 6. IN ThE pAST few believed that environmentally friendly ENERgIES could form the basis for a profitable8 9 bUSINESS MODEL WE bELIEVED IN ThEM 10 years before everyone else
  7. 7. CAPitALisinG On DiversitY MARKETS segments with a bright future meAns PLAYinG the riGht CArDs At the riGht time EDF Energies Renewable energies are establishing themselves on the global Nouvelles’ goal energy landscape. Their contribution to electricity generation is set has always been to to grow going forward. Expert predictions, notably those made by leverage SEVERAL the International Energy Agency, project further strong growth, business segments even including in the lowest forecasts. EDF Energies Nouvelles has and markets poised established itself in these energy segments of the future, with wind for strong growth. and solar energy the priority. Its development in10 the already mature 11 WIND segment and the SOLAR segment, which is WIND Solar ◆ 26% growth p.a. ◆ Global installed capacity experiencing a fast up 19-fold in 10 years 38 pace of technological 195 change, demonstrates the pertinence of its decisions. Likewise, 59 the group has opted to integrate ThE 24 5 FULL SpECTRUM OF 2 SEgMENTS into its activities as a producer 2001 2005 2010 2001 2005 2010 of green electricity. Total global installed capacity in GW (source: GWEC). Total global installed capacity in GW (source: EPIA).
  8. 8. WIND “The relatively resilient performance of the the cornerstone sector during the current economic downturn shows that clean energy was not a bubble created by the In the space of ten years, EDF Energies Nouvelles has become a major late stages of the credit boom, but is instead an player in the global wind energy industry. This now mature form investment theme that will of electricity generation is the Group’s principal energy segment. It remain important for the years ahead. owns and operates more than one hundred wind farms, which it also A significant milestone developed and built. Onshore wind, the core segment, is driving and was reached in early 2010: will drive future growth thanks to the Group’s diversified portfolio of more than 100 countries had enacted some type high-quality projects in ten countries. of policy target and/or promotion policy related12 to renewable energy, up 13 from 55 countries in early 85% of capacity 2005. Many new targets enacted in the past three years call for shares of 3,841 MW energy or electricity from renewables in the 15–25 percent range by 2020.” in service or under construction Source: REN21 / Renewable 2010 Global 3,700 Status Report wind turbines installed 10 countries Figures at 31 December 2010
  9. 9. SOLAR ”With effective policies in place, PV on residential the second pillar and commercial buildings will achieve grid parity – i.e. with electricity grid retail prices – by 2020 in For EDF Energies Nouvelles, solar photovoltaic represents a new many regions. PV will become competitive priority, forming its second development driver. The potential for this at utility-scale in the still fast-moving segment is underpinned by technological innovation sunniest regions by 2030 and provide 5% and the downtrend in costs. The Group has a presence in both ground- of global electricity. based and roof array projects in six countries. As PV matures into a mainstream technology, grid integration and management and energy storage become key14 50% of investments in 2010 issues. The PV industry, grid operators and utilities will need to develop 15 new technologies and 430 MWp strategies to integrate large amounts of PV into flexible, efficient and in service or under construction smart grids. By 2050, PV could provide more than 3 million modules 11% of global electricity.” Nobuo Tanaka, installed IEA Executive Director (International Energy Agency) 6 countries Source : IEA - 11 May 2010 - Valencia Figures at 31 December 2010
  10. 10. INTEGRATED BUSINESS LINES all areas of expertise under one roof Development Construction generation Operations & maintenance EDF Energies Nouvelles is active from development through to operations & maintenance for its own facilities, as well as providing customised services to third parties.16 Development Construction Generation Operations & maintenance 17 Cartographers identify the potential loca- EDF Energies Nouvelles coordinates its EDF Energies Nouvelles’ core business Ensuring the quality and sustainability of its tions for a facility taking into account all various suppliers and subcontractors, buys consists in developing its portfolio of power generating facilities is a strategic task for the known constraints. Engineers conduct equipment, supervises construction work plants and managing its assets. Its power EDF Energies Nouvelles. Thanks to its ope- wind and insolation surveys to establish the and works closely with its various indus- plants, which are connected to the local rations & maintenance services, the Group project’s feasibility and determine the size trial partners. To maximise the efficiency grids, add a green touch to local utilities’ maximises the output from its power plants of the future power plant. The developers of its supply chain, the Group makes its energy mix. Some of the power plants it and their service life. It benefits from the coordinate all the construction phases, purchases from a diversified base of manu- builds are sold to third-party investors experience gained over 25 years by its US conduct impact studies and ensure through facturers and places its equipment orders (DSSA* business), which may ask EDF Energies subsidiary, the leading service provider in consultation that the projects fit harmo- under multi-year contracts. Nouvelles to manage their facilities. In this North America, and more recently set up niously into the landscape. Working along- case, the Group handles the generation operations in Europe to handle this aspect side local officials, they make the case for and operations & maintenance activities. of the business in an integrated manner. the project to the local authorities and over- Expertise and strengths that EDF EN har- see applications for the relevant permits. nesses for the benefit of its customers by providing a range of operations & mainte- nance services. *Development-Sale of Structured Assets
  11. 11. exPAnD hOriZOns ExPANSION on two continents AnD set mOre The group’s entire strategy is based on From the very outset, EDF Energies Nouvelles focused on expanding outside France as AmbitiOUs GOALs setting goals not just in market conditions were not very favourable in its domestic market at the time. From a base in several European countries and the United States, the Group gradually broadened its one or two markets, but sights to the whole of Europe and North America. on expanding in several countries and segments at the same time. A diversified international FORAY presence represents a into new segments genuine ENgINE OF gROWTh. It serves To prepare for the future, EDF Energies Nouvelles is establishing a presence in several promising18 19 to smooth different new segments. The Group invests in a diverse range of technologies on a small scale, either alone growth rates and or through partnerships, in order to track developments or bolster its expertise. The top priority is reduces risk exposure. to gain access to the technologies of the future on preferential terms. Most significantly, The areas prospected include emerging technologies, such as offshore wind, marine energies, it injects impetus biogas, biomass, biofuels and concentrated solar power. Each segment brings with it numerous into development technological options. By establishing selective positions, we can detect where and when disruptive by allowing it to tap technologies will emerge, turning a segment into a source of growth. into a host of new opportunities and opening up NEW hORIzONS. PrESEnCE In 13 COuntrIES: North America Europe 2,279 MW EurOPE: France, Portugal, Spain, Italy, Greece, turkey, 1,143 MW in service including 501 MW in France Bulgaria, united Kingdom, Belgium, Germany. nOrtH AMErICA: united States, Canada, Mexico.
  12. 12. TODAYeverybody realises that RENEWAbLE ENERgIES are not merely an ALTERNATIVE but20 absolutely essential 21 WE gRASpED ThIS 10 years before everyone else
  13. 13. COntrOLLinG GrOWth FOCUS on organic growth is essentiAL tO mAintAin The development stage is key to the quality PrOfitAbiLitY Renewable energies with of projects and facilities. EDF Energies Nouvelles draws heavily on the expertise their great prospects of its teams for developing the projects are enjoying strong and internally that are set to form the Group’s rapid growth. given the asset base and create value in the future. The substantial investments goal is not solely to become a market leader. SELECT required, operators need EDF Energies Nouvelles’ growth objectives are opportunities set to reflect its high profitability standards and to calibrate their plans financing capabilities. For its international expansion, the Group opts accurately so that growth in priority for markets still in their infancy with remains under control and strong growth potential still intact. EDF Energies22 profitable. EDF Energies 23 Nouvelles also selects countries offering a Nouvelles’ business favourable regulatory framework and a stable model incorporates two political and currency environment. The Group imperatives of DEvELOP also follows a rigorous investment policy, RISK CONTROL and turnkey facilities targeting projects based on strict profitability standards and limited risk profile. financial discipline. The Group boasts a genuine key asset helping it to pursue its goals in a controlled manner. Developing and building projects for third parties (DSSA* business) dovetails neatly with the Group’s core business of generating electricity. The Group can draw financing for its expansion from the sale of power plants, which covers most of its development costs. *Development-Sale of Structured Assets
  14. 14. REvIEW OF 2010 excellent performance 3 questions to David Corchia, Chief Executive Officer “Over the long term, I am perfectly confident in the unparalleled potential for renewable 2010 was another year of growth and DSSA business plays a part in our first-class earnings. energies. They provide profitability. What were the key factors? What’s more, we benefit from the EDF group’s financial strength. These represent three genuine solutions to critical Our development was led by our two principal seg- strengths providing flexibility and resilience. global issues, i.e. energy ments. In the wind segment, growth in capacity supplies, environmental was driven largely by Europe. In the solar segment, protection, drive to we saw real acceleration in the pace at which pro- How far have you progressed towards your create growth and jobs.24 jects were commissioned in five different countries. year-end 2012 objectives? 25 However, the highlight of 2010 was the record level With each passing day, of construction starts on both sides of the Atlantic. At present, we have 3,335 MW in net capacity in renewable energies are Construction of over 1,000 MW in new capacity was service or under construction. Performance during becoming more and more launched in our two priority segments, laying the 2010 confirmed that we are right on track to meet established, especially foundations for very healthy performance in 2011 our target of 4,200 MW in net installed capacity by and 2012. From a financial perspective, we conti- year-end 2012. This objective is now in sight. We since the surge in energy nued to achieve profitable growth, with EBITDA up are heading down the final stretch and starting to prices has rapidly made 36%, again ahead of our guidance, plus an increase prepare for the post-2012 period, with our excite- them closer to being in net income. ment and dynamism still intact. competitive.” Won’t the changes in the regulatory environment affect your performance? “We make sure that our development is very carefully targeted and plan The diversification in our positions across several ahead to be in the right place at the right countries and segments has helped and will conti- time with the right projects.” nue to help us contend with unexpected economic and political developments. By covering the cost of the lion’s share of our development costs, our
  15. 15. 10 YEARS EbITDA in e million Net income, group share in e million x 32 x 117 of profitable growth 106 455 In a world of growing demand for energy, EDF Energies Nouvelles is actively contributing to the development of new generating capacity. Its profitable growth is helping to create positive momentum for jobs in its sector of activity. 17 62 14 0,9 2001 2005 2010 2001 2005 201026 27 STRONG GROWTH Net Installed Capacity in MW Employees A CONSTANTLY GROWING in production capacity source of jobs The capacity of the Group’s power plants in service has risen thirty-fold since 2000. It has commissioned more than one hundred wind x 32 2,663 x 35 3,000 For the past ten years, the Group has enjoyed a consistently brisk pace of expansion. This vigo- rous growth has made EDF Energies Nouvelles farms (2,923 MW gross) and the same number 233 one of the leaders in its sector and fostered the solar PV of solar facilities (267 MWp gross) around the creation of jobs. world. This increase in its production capacity The Group’s headcount has gone up from has translated into earnings growth on a similar 85 to over 3,000, not to mention the numerous 2,430 scale. The steep rise in our bottom line reflects wind turbines and others indirect jobs it has created at equipment manu- 648 410 the profitability of this growth. facturers and local subcontractors. 84 85 2001 2005 2010 2001 2005 2010
  16. 16. 2009 BeLGiUM 10 YEARS 2000 2008 Offshore First 30 MW First wind farm commissioned Increase in EDF Energies nouvelles capital, of impressive accomplishments in France. EDF takes a 35% stake to finance the development in SIIF Energies. of solar photovoltaic energy. 2008 FRAnCe Chemin d’Ablis 52 MW 2002 PORTUGAL 2002 2008 Cabril & Pinheiro Acquisition of enXco, a leading player 2003 PORTUGAL 37.8 MW FRAnCe Ventominho in the uS wind energy market. Bouin 2008 240 MW US EDF increases its participation in 19.5 MW Sacramento SIIF Energies to 50%. Sun 1.25 MWp 2010 2003 2009 US 201028 Chanarambie & Viking CAnAdA 29 2004 2006 iTALy Arnprior 97.5 MW Monte Grighine 23.4 MWp 98.9 MW SIIF Energies changes its name to EDF Energies nouvelles. Stock Exchange Listing on Euronext Paris. 2004 2006 2006 2010 US UniTed kinGdOM SPAin MeXiCO Oasis Fenlands Biomass La Ventosa 60 MW 44 MW 26 MW 67.5 MW 2005 2010 FRAnCe SPAin Aumelas Casatajada 22 MW 11.4 MWp 2010 TURkey Soma 2007 2007 79.2 MW US GReeCe Fenton Perdikovouni 205.5 MW & kalyva 36 MW 2005 iTALy Andretta 70 MW
  17. 17. IN ThE FUTURE renewable energies are set to become COMpETITIVE30 through an innovation 31 DRIVE and COST REDUCTIONS WE ANTICIpATED ThIS 10 years before everyone else
  18. 18. shArinG sUCCess is SUSTAINABLE industrial partnerships the best WAY Of mAKinG REPOWER vESTAS it sUstAinAbLe Conquering the Canadian A natural business relationship “ market together For more than 10 years, our two companies have “ EDF Energies Nouvelles’ huge experience of the market and been strengthening each other’s positions and directly The close relationships that operational conditions gives us an important advantage in supporting the worldwide development of the wind EDF Energies Nouvelles, delivering performance and reliability, in using the most energy industry. Our partnership provides a unique advanced technology. Our relationship is very open and capability for defining common objectives and focusing a reliable and well-known trusting. We started working together on common projects on long-term planning. Ours is a natural business operator, has forged in France and the U.K, and then in the U.S. The next big step relationship. As one of the largest global wind technology was the joint tendering for a big tender offer in Quebec, and service providers, Vestas has an extensive experience with the world’s leading which was very successful. This 954 MW project, which is in siting, installation and maintenance of wind power equipment manufacturers, the biggest onshore contract in REpower’s history, was our plants in all the markets where EDF Energies Nouvelles is entry into the Canadian market, and also the best example present. This has given us the opportunity to continuously have helped to give of our mutual success. EDF Energies Nouvelles provided the share and benefit from best practices. Further, this has a boost to the scale of its development capability, and of course the French rela- also allowed us to enhance our services, thus reducing tionship to Quebec, and REpower handled the technolo- EDF Energies Nouvelles’ turbine downtime, lost production32 projects, cut the associated gical part. We had a lot of interfaces and loops between and installation lead times. And this is just the beginning. 33 costs and raise consistently our teams.” EDF Energies Nouvelles and Vestas have an ambitious plan Matthias Schubert, Member of the Executive to further develop their relationship in the area of wind the level of its technical Board, REpower Systems AG. power plants.” Thomas Kirk Jepsen, performance. With its worldwide presence, REpower is one of the leading COO Vestas Mediterranean. In the same way, it seeks system providers of wind turbines in the onshore and offshore sector. The Danish company vestas is a global player and market leader to pursue bALANCED in wind energy, operating in more than 70 countries worldwide. Every three hours vestas installs a new wind turbine. AND SUSTAINAbLE FIRST SOLAR pARTNERShIpS in A virtuous circle of progress international markets “ The close relationship we’ve built supports our shared vision for the development of key markets for solar energy. It also helps by working together to shape the policy environment in which both companies operate. Our long-term relationship reduces costs for EDF Energies Nouvelles and helps First Solar to scale and reduce costs further. This completes a virtuous circle. The high volumes that we with local operators. are able to sell to EDF Energies Nouvelles contribute to our ability to invest in R&D and to expand our manufacturing capacity. This expansion accelerates the realisation of our joint vision of a world powered by clean, affordable solar energy. Together we aspire to create utility-scale solutions to help countries meet their energy security and renewable energy goals.” Stephan Hansen, Managing Director of First Solar GmbH and Head of Components Business Group in Europe. First Solar is the largest manufacturer of thin film solar modules in the world, and the first pure player renewable energy company to be listed on the S&P 500.
  19. 19. POLAT A winning combination for development “ The partnership in Turkey between Polat Group and EDF Energies Nouvelles has led to a very strong co-operation in technical and financial terms, with built- in advantages for completing large investments in a short time with optimum results. In the past two years, Polat Enerji’s installed capacity has been multiplied by 4. Clearly, our goals are to be a leader in the develop- ment of wind power in Turkey, and also to begin solar energy projects. Together, Polat Group and EDF Energies Nouvelles WAL-MART provide the technical and financial assets as well as A good wind to win “ the institutional infrastructure required for this chal- EDF Energies Nouvelles greatly contributes to Wal- lenge. Our relationship is a winning combination, Mart’s strategy of becoming the reference for a sus- one that gathers the vision of a large international tainable company within Mexico. Our partnership gives energy operator and the very specific knowledge of us the advantage of a team that has enough expertise34 a major local player.” in energy projects to achieve our goal of being 100% 35 Adnan Polat, Polat. supplied by renewable energy sources by 2025. Since the beginning both companies had in mind that, we Active in Turkey for more than 60 years, the Polat group of companies are among the best-known in their fields: needed to create a win-win relationship whatever the industry, construction, tourism, and energy. In 2008, EDF Energies outcome would be. Operational since 2010, the La Nouvelles became a 50% shareholder of Polat Enerji. Ventosa Oaxaca wind farm is the best example of our fruitful collaboration. In Oaxaca, where the wind condi- tions are particularly good, we have already proved that it’s possible to produce renewable energy at a very competitive cost, without subsidies. And the eco- nomic benefits will increase as time passes and as the price of the fossil fuels rises. Based on this successful experience, we now look forward to exploring new and innovative projects with EDF Energies Nouvelles.” Juan Andrés Ruiz Figueroa, Energy Administration Assistant Director, Wal-Mart Stores, Inc. Mexico. Wal-Mart is the biggest retail company in the world. Since May 2010, 348 of its self-service stores, price clubs, and restaurants in Mexico are using wind-powered energy from the La ventosa wind farm.
  20. 20. enCOUrAGinG innOvAtiOn A NETWORK of explorers NExCIS meAns mAKinG PrOGress how to win microns “ It represents a major bonus to work alongside entre- POssibLe preneurial partners who encourage you to be auda- cious and take risks while providing support to ensure that these risks remain under control. Partnering with EDF Energies Nouvelles brings tremendous benefits. Its industrial vision, its technical capabilities and its EDF Energies Nouvelles NANOSOLAR knowledge of the market have been crucial. Its ability to push back the frontiers challenges you to go further. From the laboratory to is helping to create the We knew when we launched Nexcis that we needed on-the-ground operation to target competitive rates by 2013 without counting industries of the future. “ As a young, start-up manufacturer, the solidity and on subsidies. EDF Energies Nouvelles’ experience has Acting as a genuine reputation of EDF Energies Nouvelles has given enabled us to develop a product geared to the needs of Nanosolar the credibility to raise money, to purchase the French domestic market, and EDF’s R&D network, catalyst, the group factory equipment for capacity expansion, and to originally behind this technology, gave us access to its detects new technologies, obtain new customers. EDF Energies Nouvelles has powerful testing resources. At present, our 2-micron thin film electrodeposition process for a CIGS (copper,36 identifies the right continuously supported Nanosolar’s efforts to improve indium, gallium and selenium) alloy rather than 150 37 the performance and quality of the Nanosolar Utility partners or supports Panel. Our goal is for it to ultimately become one of microns for crystalline silicon modules delivers effec- the lowest cost solar panels. In 2011, EDF Energies tive conversion performance combined with very low start-up businesses. Nouvelles is building a 3 MW test installation in manufacturing costs. We are currently one of very few It is prepared to take on Gabardan (France) with Nanosolar Utility Panels and companies around the world able to do this.“ another 3 MW installation in Salem, Oregon (USA). Olivier Kerrec, Chief Executive Officer of Nexcis the risk of investing The results of these test installations will enable us to Founded in March 2009 and based in southern France’s Energy in pilot units and in still obtain bank financing in 2012 for larger, utility-scale valley (PACA region) at the former STMicroelectronics facility, installations. We hope that this important collaborative unproven technologies. partnership will permit us to raise the level of production Nexcis, a start-up now with 80 employees, plans to commission a 33 MW power plant by year-end 2013. This reflects its of our panels to an industrial stage in the coming years. We also expect to enable EDF Energies Nouvelles to pIONEERINg SpIRIT. build solar PV plants that are truly competitive with fossil fuel-generated power on a Levelized Electricity Cost (LCE) basis within the next several years.“ Geoff Tate, Chief Executive Officer of Nanosolar Located in San Jose, California, Nanosolar is a leading manufac- turer of cost-efficient thin film solar cells and panels, based on printing CIGS (CuInGaSe) and nanoparticle inks.
  21. 21. EDF R&D 2,000 R&D staff to find new solutions rapidly “ The development of renewable energies requires a very large-scale effort in terms of innovation. The goal is to improve the technical aspects to cut costs and integrate more effectively what are generally intermittent energy sources with electricity grids. The ties between EDF Energies Nouvelles, an agile and DCNS innovative enterprise that has very extensive knowledge of its markets, and EDF’s Research and Development A new wave of energies “ teams, help to accelerate progress and harness new DCNS was looking to capitalise on the marine expertise industrial opportunities. Our close cooperation, which it has acquired over four centuries through the recovery dates back to the Company’s early days, is set to increase of energy from the sea. When we found out that in certain key areas: thin film solutions to deliver disruptive EDF Energies Nouvelles held the right from Carnegie to technologies in solar photovoltaic, offshore wind and the use a technology suitable for harnessing wave energy, extensive field of marine energies. The next step will be we offered to handle system engineering and oversee to integrate all these renewable energies in smart grids, implementation of its projects. Our first joint project was which will require new storage solutions. The comple- a prototype on Reunion Island, which will be implemented38 at full scale this year. Altogether, the system is 30 metres mentary relationship between research and operations 39 represents a key asset for the Group’s competitiveness in high. Under the surface, a tank is linked by a connector to the major European and worldwide markets. The future a pump fitted on the seabed, which pushes a fluid through for renewable energies has never been as bright as it is to an onshore turbine. This is a pragmatic approach that now!” is both technically and economically efficient. The aim Bernard Salha, is to demonstrate the reliability of the installation and EDF’s Director of Research and Development assess the cost per kWh generated when the wave farm comprising several units is built. The system, the rights With 2,000 R&D staff, EDF R&D covers all of the group’s activities from the production of nuclear, thermal, hydro and renewable to which were acquired by EDF Energies Nouvelles, has energy through to distribution and marketing. the benefit of being adjustable to the power of the waves, potentially making it possible to find an optimum economic balance, particularly on Reunion Island where power generation costs remain higher than in mainland France.” Frédéric Le Lidec, Director of the DCNS incubator DCNS is a world leader in the naval defense sector and an innovative player in the energy sector, from civil nuclear power to renewable marine energies.
  22. 22. We are siNcerelY graTeFUl To all The people Who parTicipaTeD iN The iNTerVieWs pUBlisheD iN This acTiViTY reporT Disclaimer The figures and information in this activity report are provided for information purposes only and are not contractually binding. This document does not constitute an offer to sell or solicitation to buy securities in the United states or in any other country. This document contains forward-looking statements. eDF energies Nouvelles believes that they are based on reasonable assumptions, which may prove to be inaccurate and which are in any event subject to risk factors and uncertainties. There is no certainty that the forecast events will occur or that the forecast results will actually be achieved.40 These potential risks and uncertainties and the assumptions underpinning these forward-looking statements are presented in eDF energies Nouvelles’ registration Document, notably in chapters 4 and 13 (which may be viewed on the amF’s web site at www.amf-france.org or on eDF energies Nouvelles’ website at www.edf-energies-nouvelles.com). phoTo creDiTs hervé hôte - agence caméléon (2nd cover, p.3, p.4, p.15, p.17, p.20, p.22, p.25, p.28-29, p.32, 3 rd cover); stéphane de Bourgies (p.6-7); philippe Dollo (p.8, p.10, p.13, p.28, p.32, p.35); miguel merino - mstudio (p.10, p.18, p.29); Jans meier (p.17); Dennis schwartz (p.18, p.29); Turbomach (p.22, p.28, p.30); christian König (p.28); Wind prospect Development (p.28); smUD (p.29); c-power (p.29); Nanosolar inc. (p.36); Jean-luc abraini (p.36); eDF - stroppa philippe (p.39); DcNs - ceTo (p.39); Nicolas chorier / lagarrigue / egis eau (3rd cover). DesigN aND proDUcTioN The Crew Paris
  23. 23. may 2011 Corporate Communications DepartmentEDF Energies NouvellesCœur Défense – Tour B100, Esplanade du Général de Gaulle92932 Paris La Défense CedexTel: +33 (0)1 40 90 23 00Fax: +33 (0)1 40 90 23 66Limited company with capital of e124,109,465.60RCS Nanterre B 379 677 636www.edf-energies-nouvelles.com

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